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Bitcoin Cash [BCH] and Ethereum Classic [ETC] cross-chain bridge created for the community

Priyamvada Singh

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Bitcoin Cash [BCH] and Ethereum Classic [ETC] cross-chain bridge experiment conducted by a community member
Source: Pixabay

On 21st September, hop13, a member of the cryptocurrency subreddit platform r/BTC posted about creating a bridge between Bitcoin Cash [BCH] and Ethereum Classic [ETC] via a cross-chain system. The post was titled ‘Working Cross-Chain Bridge: Pay in BCH – Receive Ethereum Classic Dividend token in return’. The member wrote:

“I’ve been experimenting with Bitcoin and connecting it to Ethereum Classic (ETC), and have created a cross chain system in which you can donate with Bitcoin and receive an ERC-20 token that pays dividends based on other transactions in the network.”

In the blockchain space, a cross-chain transaction is the one that provides the facility for two different cryptocurrencies to be transacted in a single system. For instance, one can send Bitcoin Cash and receive another cryptocurrency in return. The Reddit user, hp13, who initiated the BCH-ETC cross-chain experiment also instructed the community to possess an ETC wallet known as Saturn Wallet. Disabling Metamask on the wallet was also part of the instruction.

Secondly, hop13 encouraged the community to donate an amount in Bitcoin Cash to test the performance of the system built by the techie. On sending BCH, the donor was said to receive a token in return after the recipient confirms the donation. The total time set for the whole task to be done was stated to be around 15 minutes.

The user also explained the underlying mechanism of the cross-chain system. When the ‘money button’ of the Saturn Wallet is used, the TxID and one’s in-browser ETC address is sent to the server of the recipient [in this case, hop13]. Next, the server verifies the transaction on the BCH blockchain and sends the corresponding amount of token on reading the donation as valid. The user also stated:

“This token, P3C, is completely redeemable for real ETC on our website, or you can choose to hold it and earn dividends. Every time P3C is bought, sold, or transferred on the network 10% goes to all token holders.”

On top of the cross-chain system, the user also suggested building a reward point system to increase the demand for the BCH payments among the consumers. This is similar to the reward scheme used by credit cards to achieve a rise in consumer demand.





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

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Bitcoin Cash would be a perfect global coin for daily spending, claims Chainblock’s Federico Pecoraro

Sahana Kiran

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Federico Pecoraro, CEO of Italy-based crypto-company, Chainblock, made waves in the cryptospace after he suggested that Italians were shifting to cryptocurrencies owing to the country’s growing economic problems. The 2008 financial crisis hit the Italian economy badly, largely due to the huge public debt accumulated after years of excessive public spending.

According to Federico Pecoraro, the state of affairs offers an opportunity for many people and businesses to benefit from using decentralized money. In what is the most newsworthy bit of his take, he said that Bitcoin Cash (BCH) could be the cryptocurrency that would fit perfectly as a real global coin for daily spending, despite the fact that Bitcoin (BTC) is more likely to emerge as a better store-of-value. He added,

“We’re proud to support it on our products. Indeed, our clients have the opportunity to buy BCH through any of our services.”

Pecoraro also spoke about how Chainblock used the crypto-winter to develop new products and expand its customer base. He revealed that by the end of 2018, Chainblock recorded a 156% increase in transactions and a 144% increase in new users. Federico Pecoraro told Bitcoin.com,

“We love small businesses that want to accept crypto payments but we want to enable as many merchants as we can with a strategic market approach. Our goal is to provide affordable and scalable solutions for both big and small shops and spread real cryptocurrency mass adoption. We plan to enable 5,000 merchants to accept Bitcoin payments.”





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